Walmart U.S. accelerates small store growth

Expansion program doubles initial forecast

BENTONVILLE, Ark., Feb. 20, 2014 – Behind a real
estate strategy focused on providing the broadest selection of products and convenient
access through a digitally connected, multi-format portfolio, Wal-Mart Stores Inc.
(NYSE: WMT) today announced it is significantly accelerating its capital plan
for U.S. small store format openings for the current fiscal year.

The company is expanding its original capital forecast
provided last October, and now expects to add approximately 270 to 300 small
stores during the fiscal year, doubling the initial forecast of 120 to150
stores. Walmart U.S. will continue its plan to open approximately 115 new
supercenters this year.

“Customers’ needs and expectations are changing. They
want to shop when they want and how they want, and we are transforming our
business to meet their expectations,” said Bill Simon, Walmart U.S. president
and CEO. “Customers appreciate the broad assortment of our supercenters for
their stock-up trips as well as our small store formats for fill-in trips. By unlocking
this growth opportunity and further combining our supercenters and small store formats
with an unlimited selection available through ecommerce, we provide our
customers with anytime, anywhere access to our brand.”

The small store fleet has continued to deliver
positive comp sales and traffic increases each quarter. Comp sales for
Neighborhood Market stores grew approximately 4 percent for fiscal year 2014, driven
by fresh and pharmacy.

“Neighborhood Market is performing comparable or
favorable to leading grocers,” said Simon.
“Our small store expansion, in addition to providing customers access to
a wide variety of products, including fresh, pharmacy and fuel, will help us usher
in the next generation of retail. This will combine thousands of points of physical
access with digital retail experiences that include initiatives such as Site to
Store and Pay with Cash.”

Walmart currently operates 346 Neighborhood Markets
and 20 Walmart Express stores. The Express units have performed well and are
being expanded beyond the initial three-market pilot. As a result of its more aggressive
plan, Walmart U.S. projects to end fiscal year 2015 with net retail square
footage growth of approximately 21 to 23 million square feet across all formats,
versus its original projection of approximately 19 to 21 million square feet. The
projected capital expenditures and square footage details exclude the impact of
future acquisitions.

“We have a healthy pipeline of stores in development,
and we systematically work to improve our real estate and construction
processes, reduce building costs and shorten the time needed to open our stores,”
said Simon. “In addition to providing best-in-class one-stop shopping at
supercenters, we believe that accelerating our small store expansion will allow
customers to choose where and when to shop based on their needs. Our small
store expansion will also strengthen our market share and create greater
efficiencies in our supply chain through a tethered approach that uses
supercenters as a supply chain base, links our resources and provides a unique
and connected customer experience.”

To fund this additional growth, the company is
revising its capital expenditures forecast for the Walmart U.S. segment to $6.4
to $6.9 billion, up from an initial range of $5.8 to $6.3 billion. This
reflects the increased small store growth and the current pipeline of
supercenters, which remain an essential part of the company’s strategy. In
total, across supercenter and small store formats, Walmart U.S. plans to open 385
to 415 units in fiscal 2015, adding considerably to the more than 4,200 stores
currently open.

About Wal-Mart Stores, Inc. (NYSE: WMT)
Wal-Mart
Stores, Inc. (NYSE: WMT) helps people around the world save money and live
better – anytime and anywhere -- in retail stores, online, and through their
mobile devices. Each week, more than 245 million customers and members visit
our 11,302 stores under 71 banners in 27 countries and ecommerce websites in 10
countries. With fiscal year 2014 sales of over $473 billion, Walmart employs
more than 2 million associates worldwide. Walmart continues to be a leader in
sustainability, corporate philanthropy and employment opportunity. Additional
information about Walmart can be found by visiting http://corporate.walmart.com
on Facebook at http://facebook.com/walmart and on Twitter at
http://twitter.com/walmart. Online merchandise sales are available at
http://www.walmart.com and http://www.samsclub.com.

Forward-looking statement

This release contains statements as to
Wal-Mart Stores, Inc. management's forecasts of the number of new small format
stores, the number of new supercenters and the total new stores of all formats
that the Walmart U.S. operating segment of Walmart will open in the fiscal year
ending Jan. 31, 2015, the net retail square footage growth of the Walmart U.S.
operating segment in the fiscal year ending Jan. 31, 2015, and the range of the
capital expenditures to be made by the Walmart U.S. operating segment during
the fiscal year ending Jan. 31, 2015, and certain assumptions underlying those
forecasts, as well as management’s expectations that the Walmart U.S. operating
segment will combine thousands of points of physical access with digital retail
experiences and that the small store expansion of the Walmart U.S. operating
segment will strengthen its market share and create greater supply chain
efficiencies that Walmart believes are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995, as
amended. These statements are intended to enjoy the protection of the safe
harbor for forward-looking statements provided by that act. Those statements
can be identified by the use of the word or phrase "expects," "forecast,"
"plans," “projects,” “will also strengthen … and create,"
"will combine," and "will continue" in the statements. These forward-looking statements are subject
to risks, uncertainties and other factors, including: general economic conditions; business trends
and economic conditions affecting the specific markets in which Walmart may
construct new units; competition from other retailers and other competitive
pressures; consumer acceptance of the Walmart U.S. operating segment’s stores
and merchandise in the markets in which new units are opened; consumer shopping
patterns in the markets in which the small store expansion of the Walmart U.S.
operating segment occurs; the ability of Walmart to obtain greater logistical
and cost efficiencies in its supply chain; the amount of inflation or deflation
that occurs; weather conditions and events and their effects; catastrophic
events and natural disasters and their effects on Walmart's business; public
health emergencies; civil unrest and disturbances and terrorist attacks;
commodity prices; transportation costs; energy costs; the availability of
appropriate locations for new units; local real estate, zoning, land use, and
other laws, ordinances, legal restrictions and initiatives that may prevent
Walmart from building, or that impose limitations on Walmart’s ability to
build, new units in certain locations; availability of persons with the skills
and abilities necessary to meet Walmart’s needs for managing and staffing its
new units and conducting their operations; availability of necessary utilities
for new units; availability of skilled labor and labor, material and other
construction costs in areas in which new units are proposed to be constructed;
casualty and other insurance costs; accident-related costs; and other risks. Walmart discusses certain of the factors
described above more fully in certain of its filings with the SEC, including
its most recent annual report on Form 10-K filed with the SEC (in which Walmart
also discusses other factors that may affect its operations) and this release
should be read in conjunction with that annual report on Form 10-K, together
with all of Walmart's other filings, including its quarterly reports on Form
10-Q and current reports on Form 8-K, made with the SEC through the date of this
release. Walmart urges readers to
consider all of these risks, uncertainties and other factors carefully in
evaluating the forward-looking statements contained in this release. As a result of these matters, changes in
facts, assumptions not being realized or other circumstances, Walmart's actual
results may differ materially from the expected results discussed in the
forward-looking statements contained in this release. The forward-looking statements contained in
this release are as of the date of this release, and Walmart undertakes no
obligation to update these forward-looking statements to reflect subsequent
events or circumstances.